Transfer of IBA’s assets to Commission and Radio Authority: chargeable gainsU.K.
2(1)For the purposes of the M1Capital Gains Tax Act 1979 (“the 1979 Act”) the transfer under the principal Act of any asset from the IBA to the Commission or the Radio Authority shall be deemed to be for a consideration such that no gain or loss accrues to the IBA; and Schedule 5 to that Act (assets held on 6th April 1965) shall have effect in relation to an asset so transferred as if the acquisition or provision of it by the IBA had been the acquisition or provision of it by the Commission or (as the case may be) by the Authority.
(2)In paragraph 1(3) of Schedule 8 to the M2Finance Act 1988 (capital gains: assets held on 31st March 1982), there shall be added after paragraph (g) “; and
(h)paragraph 2(1) of Schedule 12 to the Finance Act 1990.”
(3)Where the benefit of any debt in relation to which the IBA are, for the purposes of section 134 of the 1979 Act (debts), the original creditor is transferred under the principal Act to the Commission or the Radio Authority, the Commission or (as the case may be) the Radio Authority shall be treated for those purposes as the original creditor in relation to the debt in place of the IBA.